Creditors’ hopes of resurrecting India’s Jet Airways and salvaging some value from the bankrupt airline were dealt a fresh blow on Monday as two potential investors said they were no longer interested in putting money into the business, Reuters reported. The billionaire head of Vedanta, Anil Agarwal, whose family trust Volcan Investment had said it was looking at taking a stake in Jet, backed out on Monday. Etihad Airways, which already owns a minority stake in Jet, also said it was not interested in reinvesting in the airline.

Tata Steel’s UK division sank deeper into the red over the past financial year, as output fell at the country’s largest producer because of repair work on a furnace. The manufacturer registered a 1 per cent increase in annual sales to £2.41bn in the period ended 31 March because of higher global steel prices, according to its annual report, the Financial Times reported. But its operating loss before one-off items widened to £157m, from £48m last year, because of lower liquid steel production and sales volumes, the company said.

India’s Supreme Court upheld the ability of homebuyers to drag property developers into bankruptcy proceedings as several real estate firms are going bust in Asia’s third-largest economy, Bloomberg News reported. Once a homebuyer establishes default before a bankruptcy court, the onus is on builders’ to prove that the consumer does not wish to take possession of their house to avoid proceedings, a three-judge bench headed by Justice Rohinton F Nariman said on Friday. The court ruled homebuyers’ rights will remain at par with lenders.

Dewan Housing Finance Corp Ltd (DHFL), one of India’s so-called shadow banks, on Thursday said it might not be able to fulfil its debt obligations due in the near future while banks review its restructuring plan, Reuters reported. DHFL, one of the largest housing finance companies in India, has roughly 1 trillion rupees of debt and is in the process of seeking lender approval on a restructuring plan designed to help it to ride out a liquidity crunch and restart its lending business.

India’s central bank took steps to alleviate a credit crunch at shadow banks and relaxed rules for lending to consumers as part of measures to boost the slowing economy, Bloomberg News reported. The Reserve Bank of India, which also cut benchmark interest rates to the lowest since 2010 on Wednesday, increased the exposure limit for banks to a single non-banking finance company to 20% of Tier 1 capital from 15% before. It also reduced the risk weight on consumer credit excluding card receivables to 100% from about 125%.

India’s debt-laden shadow bank Dewan Housing Finance Corporation Ltd (DHFL) on Tuesday said its creditors would not have to take any haircuts on principal payments under its resolution plan, sending shares up as much as 10%, Reuters reported. As part of the resolution plan, DHFL will also put a moratorium on repayments and seek funding from banks to start retail lending, the company said here after a meeting of the special committee for resolution plan.

Despite numerous tweaks to the Insolvency and Bankruptcy Code (IBC), the government is worried over the low number of resolutions as well as delays during the admission stage itself, The New Indian Express reported. Officials pointed out that out of 1,292 ongoing resolution processes, 445 cases have passed 270 days since admission, while another 221 cases have crossed 180 days. In fact, most of the cases have been lingering on, despite near-resolution in some cases. Take the case of Essar Steel and Bhushan Power & Steel.

Deloitte has resigned as auditor of an embattled non-bank lender in India, marking the latest in a series of resignations that come as New Delhi is putting the Big Four auditor firms under scrutiny, the Financial Times reported. In a statement posted to the Bombay Stock Exchange on Tuesday, Dewan Housing Finance Corporation Limited said Deloitte had stepped down “with immediate effect” after raising concerns about intercorporate deposits and lack of transparency. Deloitte confirmed that it had resigned the DHFL contract but would not comment further.

Bondholders of troubled shadow lender Dewan Housing Finance Ltd (DHFL) have been given a three-week deadline to decide if they are on board with a rescue plan being evaluated by banks, according to a letter sent by a custodian of DHFL bonds, seen by Reuters. The banks have signed an inter-creditor agreement (ICA) to come up with a plan to restructure nearly 1 trillion rupees ($14 billion) of DHFL’s debt, Reuters reported. Now, the bondholders have to communicate by letter by Aug. 26 if they are willing to be part of the ICA.

Sudhir Gharpure and his sales team sat chatting at a big Maruti Suzuki dealership on the outskirts of Mumbai some two hours after its doors were opened on a recent Saturday morning - not a single customer was in sight, the International New York Times reported on a Reuters story. "There used to be close to 15-20 bookings each day, but now we're down to 3-5 on good days," said Gharpure, the general manager at the dealership. Gharpure's experience is not an isolated one.